GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Shares Down 8% – Time to Sell?

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) shares traded down 8% on Wednesday . The company traded as low as $72.99 and last traded at $73.45. 18,725,975 shares traded hands during mid-day trading, an increase of 4% from the average session volume of 18,026,564 shares. The stock had previously closed at $79.80.

GraniteShares 2x Long NVDA Daily ETF Stock Down 5.6 %

The stock’s 50 day moving average price is $61.03 and its 200-day moving average price is $57.28.

Hedge Funds Weigh In On GraniteShares 2x Long NVDA Daily ETF

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Private Ocean LLC purchased a new stake in GraniteShares 2x Long NVDA Daily ETF in the second quarter worth about $35,000. National Bank of Canada FI bought a new stake in shares of GraniteShares 2x Long NVDA Daily ETF during the second quarter valued at approximately $42,000. NBC Securities Inc. purchased a new stake in GraniteShares 2x Long NVDA Daily ETF in the first quarter worth $59,000. Gilliland Jeter Wealth Management LLC bought a new position in GraniteShares 2x Long NVDA Daily ETF in the second quarter worth $72,000. Finally, Hollencrest Capital Management lifted its position in GraniteShares 2x Long NVDA Daily ETF by 5,677.8% during the second quarter. Hollencrest Capital Management now owns 1,040 shares of the company’s stock valued at $72,000 after buying an additional 1,022 shares during the period.

About GraniteShares 2x Long NVDA Daily ETF

The GraniteShares 1.5x Long NVDA Daily ETF (NVDL) is an exchange-traded fund that mostly invests in information technology equity. The fund provides 1.5x leveraged exposure, less fees and expenses, to the daily price movement for shares of NVIDIA Corporation stock. NVDL was launched on Dec 13, 2022 and is managed by GraniteShares.